On the basis of the information given below calculate the amount of st...
Calculation of Stationary to be Debited to Income and Expenditure Account
Stock of Stationary on April 1, 2016 = Rs. 8000
Stock of Stationary on March 31, 2017 = Rs. 6000
Stationary purchased during the year = Rs. 47000
Creditors for Stationary on April 1, 2016 = Rs. 9000
Creditors for Stationary on March 31, 2017 = Rs. 11000
1. Calculation of Total Stationary Available:
Total Stationary Available = Stock of Stationary on April 1, 2016 + Stationary Purchased during the year
Total Stationary Available = Rs. 8000 + Rs. 47000
Total Stationary Available = Rs. 55000
2. Calculation of Stationary Consumed:
Stationary Consumed = Total Stationary Available - Stock of Stationary on March 31, 2017
Stationary Consumed = Rs. 55000 - Rs. 6000
Stationary Consumed = Rs. 49000
3. Calculation of Stationary Expenses:
Stationary Expenses = Stationary Purchased during the year - Increase in Creditors for Stationary
Stationary Expenses = Rs. 47000 - (Rs. 11000 - Rs. 9000)
Stationary Expenses = Rs. 47000 - Rs. 2000
Stationary Expenses = Rs. 45000
4. Stationary to be Debited to Income and Expenditure Account:
Stationary to be Debited = Stationary Consumed - Stationary Expenses
Stationary to be Debited = Rs. 49000 - Rs. 45000
Stationary to be Debited = Rs. 4000
Therefore, the amount of stationary to be debited to the Income and Expenditure Account of Good Health Sports Club for the year ended March 31, 2017, is Rs. 4000.
On the basis of the information given below calculate the amount of st...
Total purchases=47000
opening stock=8000
closing stock=6000
opening creditors=9000
closing creditors=11000
but it is not given that the amount is to be paid,so creditors for stationary should be ignored.
so, 47000+8000-6000
= 49000
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.